ThoughtWorks, one of the world’s leading software consultancy firms and a pioneer in the world of agile software development, has raised $720 million from GIC, Siemens AG, Fidelity Management and Research LLC, and Mubadala Investment Company.
The round values the Chicago based company at a massive $4.6 billion. The company has been in business for over 25 years now, helping define the tech principles used by some of the world’s most successful organizations.
Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC fulfilled the role of placement agents in this founding round, while Kirkland & Ellis LLP acted as the legal advisor of ThoughtWorks.
The company helps businesses in setting up organizational and technical capabilities to help them acclimate with the digital world. It helps build technology assets to help companies that want to use technology to fuel their growth, by providing intelligent solutions.
“We help you to embrace a modern approach to engineering excellence, ensuring fast, frequent and high-quality value delivery. We build architectures that support continual change and fast reactions to new business conditions,” ThoughtWorks says on its website.
Moreover, it provides rapid design and delivery of these tech products, thanks to agile software development, a software development technique that’s known for its speed. The model also leaves room for improvement and changes, which means that any products that ThouhtWorks designs evolve as businesses change their strategies.
The company also allows businesses to leverage their data assets by creating the infrastructure, data culture and technology ecosystems required to unlock new sources of value, new products and better decision making in real-time.
The company plans to use these funds to repurchase equity from existing investors. It has been investing heavily in growth and international expansion, and buying back stake from investors will help it gain leverage and raise money in the future as well.
“This placement is a very positive indicator of how strong our company and brand are perceived in the market. It’s wonderful that GIC, Siemens, Fidelity and Mubadala see ThoughtWorks to be a strong investment and this is an endorsement of the strength and relevance of our business and people,” said Guo Xiao, president and chief executive officer, ThoughtWorks.
